Zura Bio — Third Quarter 2026 Earnings Summary

Financial Performance:

• Cash and cash equivalents totaled $187.7 million as of September 30, 2026, compared to $109.4 million as of December 31, 2025.
• Research and development expenses were $19.5 million for the quarter ended September 30, 2026, an increase from $11.9 million in the same period in 2025.
• General and administrative expenses were $9.3 million for the quarter ended September 30, 2026, compared to $7.6 million in the same period in 2025.
• Net loss for the third quarter of 2026 was $25.8 million ($0.20 per share), compared to a net loss of $18.0 million ($0.21 per share) in the third quarter of 2025.
• For the nine months ended September 30, 2026, net loss was $76.4 million ($0.62 per share), compared to $51.5 million ($0.57 per share) for the same period in 2025.
• Total operating expenses for the quarter were $28.8 million, up from $19.5 million in the prior year period.
• Interest income for the quarter was $1.8 million, compared to $1.5 million in the same period in 2025.
• Total current assets were $191.6 million as of September 30, 2026, compared to $112.3 million as of December 31, 2025.
• Total shareholders' equity was $177.7 million as of September 30, 2026, compared to $101.5 million as of December 31, 2025.

Guidance and Future Outlook:

• Cash and cash equivalents are expected to fund planned operations through at least the end of 2028.
• Topline data for the TibuSHIELD study in hidradenitis suppurativa (HS) is on track for the fourth quarter of 2026.
• Topline data for the TibuSURE study in systemic sclerosis (SSc) is on track for the first half of 2027.
• The NEXUS-PMR Phase 2 study in polymyalgia rheumatica (PMR) is on track to initiate by year-end 2026.

Business Segments and Product Lines:

• TibuSHIELD (HS): Phase 2 study completed enrollment in June 2026 with 247 participants, exceeding its target. Primary endpoints include percent change in abscess/inflammatory nodule count at Week 16 and HiSCR50/75 achievement.
• TibuSURE (SSc): Phase 2 study completed enrollment in July 2026 with 91 participants, exceeding its target. Primary endpoints include change in modified Rodnan Skin Score (mRSS) at Week 24 and measures of lung involvement.
• NEXUS-PMR (PMR): Study cleared by the FDA to proceed under an Investigational New Drug application; tibulizumab is being evaluated in adults with polymyalgia rheumatica.
• Tibulizumab (ZB-106) is a bispecific antibody designed to neutralize interleukin-17 (IL-17) and B-cell activating factor (BAFF).
• Evaluation of torudokimab (ZB-880) and crebankitug (ZB-168) continues, informed by current clinical evidence and the evolving competitive landscape.

Management Commentary and Tone:

• CEO Sandeep Kulkarni stated the team is executing efficiently on the development plan and is excited to enter a data-rich period.
• Management expressed deep belief in tibulizumab's potential to address complex immune biology and unmet needs across indications.
• The company stated it is in a "great position" to deliver on tibulizumab's potential with sufficient cash runway to deliver results from all three studies.

Other Key Points:

• Zura has 96,306,411 Class A Ordinary Shares issued and outstanding as of September 30, 2026, compared to 73,680,710 as of December 31, 2025.
• Accumulated deficit increased to $(300.9) million as of September 30, 2026, from $(224.5) million as of December 31, 2025.
• Accounts payable and accrued expenses were $17.0 million as of September 30, 2026, compared to $12.4 million as of December 31, 2025.
• The company is a clinical-stage, multi-asset immunology company developing novel dual-pathway antibodies for autoimmune and inflammatory diseases.